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EUR/ZAR

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EURZAR trade ideas

EUR/ZAR: More weakness expectedNear term pressure in the Euro is visible across the board, even versus relatively weak secondary market crosses such as ZAR. A continuation of the down trend towards the weekly support zone at ~13.87 is expected. Clearing this area means the completion of a huge triangle pattern. Declines towards 12.6440 and roughly 11.61 then come into focus. We are already extensively short versus the Euro but see enough potential (and limited risk) to enter short in EUR/ZAR as well. Primary trend: negative Outlook: pressure mounting, more weakness expected Strategy: hold-short / short-entry Support: 13.87 / 12.6440 / 11.61- Resistance: 14.65 / 14.7850 Outlook cancelled/neutralized above 14.65
Short
by buyem_nl
Eur/ZarI am positive on a sell on this right now. I previously posted the buy that you would be up. But the way it broke out of the trend line and made that reversal pattern I love to see it is coming down right now. It is possible that this is just a wave retracement and 38% is all we get but it is over extended on daily, so it could also have trapped buys and be driving back down to even break the low possibly or just do a deeper retrace. Regardless, that was a sell setup, that is a reversal pattern. It is in a messy combo pattern and is a choppy pair so You are on your own. And when I look at the Candlestick patterns on EurZar and UsdZar it makes me think we will get that sell on EU off my fork and .786 fib where the cypher pattern will be if I remember correctly.
Short
by thillygoosth
Eur/ZarEur/Zar has been going down, however, several ways I look at this, it seems like it is going up. Either in a 3 wave to maybe break the high, It could make a large flat, but possibly already completed an expanded correction and we get a larger 5 wave that retraces that long move. The buy entry setup was earlier when I was asleep on 4 hr and we would have stop in profit, so riskier at this height, but I would also like to point out that if EU is going to pull down which it looks like it may, Usd/Zar may be more beneficial. I will post that in a minute. I am up on that one.
Long
by thillygoosth